The importance of valuing your assets
November 5, 2014
At a recent breakfast event guests were surprised to discover that many people did not know the correct value of their property and assets.
Guest presenter Robert James from Coram James Art and Antique Valuers and Christopher Digby from R K Harrison, spoke about examples of inadequate understanding of values. Valuations included a Chinese vase hidden away for many years, a coin collection and a diamond ring.
What surprised those attending was not only the values placed on these items, but also, the fact that the owners were unaware of their true value until a life event prompted their valuation, mainly for sale in these cases.
Christopher and Robert covered briefly the different types of valuation and the reasons for them. This is broadly speaking for insurance, sale or probate. Each valuation carries a different value and it is important to identify which is most appropriate for the purpose.
Key reasons for obtaining an up to date and appropriate valuation include finding correct cover and premium for insurance, creating an accurate inventory of assets for estate planning as well as allowing a clear division of assets in the event of separation.
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